Deutsche Bank Fined $124 Million by the US for Bribery and Fraud

The German bank has been rocked by several scandals over recent years - Image Source: Wikimedia

DEUTSCHE BANK has agreed to pay fines of over $124 million rather than face US criminal charges of bribery and fraud.

Lawyers from one of Europe’s largest financial institutions told a New York City federal judge that the bank would pay the massive fine rather than face criminal indictment.

The German bank stands accused of several financial crimes, including “spoofing” traders into buying precious metals futures and bribing intermediaries to secure deals in Saudi Arabia. These recent allegations have severely tarnished the image of Deutsche Bank, which has been implicated in similar irregularities in the past.

“We take responsibility for these past actions, which took place between 2008 and 2017,” the bank said in a statement.

“Our thorough internal investigations, and full cooperation with the DOJ and SEC investigations of these matters, reflect our transparency and determination to put these matters firmly in the past.”

The bank is also being probed for its dubious connections to controversial Donald Trump, as it was one of the few financial institutions to make large loans to the outgoing President when he was a New York businessman facing bankruptcies in the early 1990s.

Deutsche Bank has also agreed to pay a massive settlement to New York for its dealings with deceased paedophile financier Jeffrey Epstein which may have broken the state’s compliance rules.

Thank you for taking the time to read this news article “Deutsche Bank Fined $124 Million by the US for Bribery and Fraud”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.


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Written by

Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...


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